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Armor Up Against Identity Fraud

ASB April 26, 2021 | 5 min read Personal

Fraudsters these days are more conniving and persuasive than ever before. But, you can keep your identity and your finances secure all year round by securing your personal information and being mindful when interacting with others. This quarter, we’re here to help you armor up with a few tips from our Information Security and Fraud teams.

husband and wife on computer

Lock Up Your Logins

Fraudsters are often after your login credentials first – once they get access to your accounts, they can take a deep dive into committing fraud. Here’s how you can keep those credentials safe and sound:

  • Use strong, unique passwords: Never reuse passwords. Once a password becomes compromised, fraudsters can target any other accounts that use the same password. The strongest passwords use a combination of letters, numbers and special characters. They also do not use common personal information such as your Social Security Number, first and last name and date of birth.

  • Enable Secure Access Code (SAC): SAC is a security process that requires more than one method of authentication to verify your identity. Some websites use SAC by requiring a “One-Time Password (OTP)” or security code upon log-in, which is sent to you via text or email. You can also use third-party apps to create your own SAC for certain accounts. Using SAC reduces your risk of online fraud.

  • Never share secure information: Protect your usernames and passwords by never sharing them with others or writing them down. ASB will never request your password, Debit Card PIN, or Secure Access Code via phone, e-mail, or text. When in doubt, report immediately any suspicious activity to our Customer Banking Center at (808) 627-6900 or toll-free (800) 272-2566.

lady on computer

Stop, Look, then Go

Imagine the steps you take at a busy intersection. You stop at the stop light or sign, look both ways, then go. Applying these same steps to your everyday finances can prevent you from becoming a victim to fraud. Here are a few examples:

  • Suspicious Activity: If anyone asks you for private information or to send and receive money, ask yourself these questions:

    • Have I met the person or organization that’s contacting me?

    • If yes, is this how they normally contact me?

    • What information is this person or organization asking for, and why?

  • Alert, Alert: Received an alert about suspicious activity, but something doesn’t look right? When in doubt, contact your financial institution. Just make sure to use the phone number on their actual website or your bank statement.

  • Phishy Checks: Getting a check that you want to deposit? Make sure it’s a physical check, even if you want to deposit it using your mobile app. Fraudsters often try to send photos of checks via email and text messages – a clear red flag that something is wrong.

  • Destroy the Evidence: Instead of holding onto old checkbooks, debit cards, credit cards and financial documents, shred items you no longer need to keep your information secure. Our Online and Mobile Banking services offer an eStatement feature which allows you to receive your bank statements electronically so that you have one less thing to worry about.

  • Minimize Social Shares: Be careful with what you share on social media, such as Instagram, Facebook, Twitter and LinkedIn. Fraudsters sometimes use details from your posts as clues to guess your User ID, Password and other private information.

Visit our security hub to learn more about how you can protect yourself and your finances.

American Savings Bank will never request your password, Debit Card PIN, or Secure Access Code via phone, e-mail, or text.

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Investing in Your Financial Future

ASB April 23, 2021 | 5 min read Personal

Investment planning is often one of the most stressful parts of planning for your financial future. You might be worried about potential market volatility or unsure which accounts will be most tax-advantaged*. Whether you’re just starting out with investing or are an experienced investor looking to fine-tune your goals, creating and staying on an investing plan can help you reach your future financial goals.

Our experienced Financial Professionals are here to help you understand your options and build you a financial plan.

piggy bank

Evaluate Your Financial Needs

Investing in stocks, bonds, mutual funds and other investment vehicles is a great way to build long-term financial growth. Almost everyone can benefit from some type of financial investment. Your first step to creating a well-rounded investment plan is to evaluate your needs.

Consider why you want to invest, such as:

  • Wealth Building: Also known as general investment planning, wealth building is one of the more common reasons people invest their money. This type of investing usually focuses on your risk tolerance to maximize returns.

  • Education: Saving for your keiki’s future early makes it more affordable when they’re ready for school. Investing for education often has a shorter timeline than other types of investing. The sooner you start, the more time your money has to grow for your keiki’s future.

  • Retirement: After spending most of your life working hard in your career, it only makes sense to want a financial cushion in retirement. The high cost of living can make retirement planning more difficult in Hawaii. Like education planning, it’s recommended to start investing for retirement sooner to better your chance of reaching your financial goals.

girl with piggy bank

Types of Investment Planning

One way to help reach your long-term financial goals is to work with our experienced Financial Professionals. Your Financial Professional can help you pursue your future financial needs with investment planning, including:

Wealth Planning
Growing your wealth over time is an important step toward financial wellness. A general investment plan includes setting investment goals, identifying your risk tolerance and choosing the right investment accounts. Your financial professional will explore your current and future financial needs, along with assessing your risk preferences to set realistic investing goals.

Education Planning*
It’s never too early to start saving for college or other education costs. As the price for higher education increases, investing when your keiki is young can help to cover the cost of education. We’ll work with you to create a plan to save using tax-advantaged accounts that can help you maximize your education savings.

Retirement Planning
Retirement is one of the most popular investment plans. Together we can determine how much you’ll need to save for retirement so that you can maintain your quality of life and current lifestyle. We’ll look at all of your retirement savings options, including work accounts like a 401(k) and individual accounts like IRAs to set you up for financial success.

boy on tablet

Benefits of Working with a Financial Professional

Working with our Financial Professionals can help you reach your financial goals. They serve as your go-to person for investment planning and financial advice. They can also answer your financial questions and will help you develop an investment plan to give you a better chance of meeting your long-term financial needs.

When you work with a Financial Professional, you’re getting more than just short-term financial advice. Your consultant can help you:

  • Create Your Investment Plan: We’ll help you identify long-term financial goals, find the right accounts and build an investment plan based on your needs.

  • Focus on the Long-Term: It’s easy to get caught up in short-term money goals, but your Financial Professional can help you focus on sticking to your plan for long-term benefit.

  • Navigate Uncertainty: The market is unpredictable and volatility is a big concern for many Hawaii investors. Your Financial Professional is here to help you navigate the current uncertainty — and any unexpected changes that could come in the future.

  • Protect Your Assets and Loved Ones: Investment planning isn’t only about building wealth. You can also use it to create a safety net for your loved ones. Our Financial Professionals are here to help you find the accounts, investment types and other financial tools to help protect your long-term assets.

Our dedicated Financial Professionals have years of experience helping people navigate long-term financial challenges and prepare for the future. Make an appointment to talk with one of our advisors today.

* Consult your legal or tax counsel for advice and information concerning your particular circumstances. Neither Cetera Investment Services, nor any of its representatives may give legal or tax advice.

Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Cetera is not affiliated with the financial institution where investment services are offered. Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.

300 N Beretania Street, Honolulu, HI 96817 (808) 735-1717

Not FDIC Insured
Not Bank Guaranteed
May Lose Value
Not Insured by any Federal Government Agency
Not a Bank Deposit
 
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Understanding Interest Rates

ASB April 12, 2021 | 5 min read Personal

You might have heard about interest rates but do you really know what they are and how they can help your finances? You might know that interest is the money you pay to borrow on a loan, or that some types of accounts (like savings accounts) allow you to earn interest on your money. The specific details of bank interest rates, however, might have you feeling a little confused.

We’re here to help you understand interest rates and how they work. Let’s take a closer look at interest rates — what they are, terms to know and when you’ll pay versus earn interest.

interest rates

What is interest?

Interest is the price a borrower has to pay to use someone’s money. For example, when you take out a car loan, you’re borrowing the lender’s money to pay for your new vehicle. The interest you pay on the loan is the lender’s price to let you use their money. On the other hand, if you lend a friend money and ask them to pay extra when paying you back, you’re earning interest on the loan.

Generally, interest rates are calculated by dividing the annualized finance charge (cost of credit) by the total loan amount and expressed as a percentage.

Common interest rate terms

We rounded up some common terms often used when talking about bank interest rates, and what they mean:

  • Compound Interest: Compounding interest is when the interest you’ve earned starts earning interest as well. For example, if you have $100 and earn 10% interest on it over the course of a year, at the end of the year, you’ll earn $10 from interest, making your final balance $110. The next year, you’ll earn 10% on $110 instead of just $100 so you’ll end the year with $121 due to annual compounding of interest.

  • Annual Percentage Rate (APR): This is the percentage charged annually to a borrower. It’s the actual yearly cost of a loan, including costs like loan fees. It doesn’t include compounding interest.

  • Annual Percentage Yield (APY): This is the annual percentage of money earned from interest on a savings deposit over the course of one year, including compounding interest.

  • Fixed Interest Rate: This is an interest rate that stays the same for a specific period of time for the length of a loan or account. That means your interest rate won’t change for the life of your loan or account. For example, if you’re approved for a home loan with a fixed 5% interest rate on a 30-year term, your home loan interest rate will remain fixed for the entire 30 years, even if current interest rates change.

  • Variable Interest Rate: The opposite of a fixed interest rate, a variable interest rate can change over the course of your account. Credit cards usually have a variable interest rate. For example, if your credit card interest rate is 10% when you first open the account, after three months, your credit card may raise the interest rate to 18%. However, a year later, the rate could drop down to 15%.

  • Principal: This is the outstanding unpaid amount of money you borrow or balance of money you deposit into an account.

  • Installment Debt: Also called installment loans, this is a type of loan that has a repayment schedule and fixed payment amount. Most regular loans are installment loans, such as home loans and personal loans.

  • Revolving Debt: Revolving debt lets you borrow as much as you want up to a certain credit limit. After repaying what you’ve borrowed and replenishing your account’s available balance, you can borrow more. Credit cards are a type of revolving debt. For example, if you have a $1,000 credit limit on a credit card and spend $700, you’ll have $300 left of credit to borrow. If you pay off the $700 you’ve already spent, your available credit will go back up to $1,000.

interest rates

When do I pay interest?

You usually have to pay interest when you borrow money, such as installment debt and revolving debt. The good news is, interest costs are often included in your payment amount, making it easy to pay your interest along with your principal loan balance.

Common types of loans or debt where you can expect to pay interest include:

  • Home Loans: A home loan, also known as a mortgage loan, is the loan you use to buy a house. Mortgage interest rates can vary widely over the years, so many home buyers lock in their home loan interest rate with a fixed interest rate when interest rates are low.

  • Personal Loans: You can use personal loans to buy just about anything. Whether you want to buy new living room furniture or cover an unexpected medical bill, a personal loan can help you pay for expenses. Be sure to check out the latest interest rates before applying for your loan.

  • Personal Line of Credit: A personal line of credit is like a credit card. If approved, you’ll get a credit limit for your personal line of credit. You’ll pay interest only on the amount you borrow against your credit limit.

When do I earn interest?

Savings accounts are usually the easiest way to earn interest on your money. There are a variety of savings accounts you can use to help you earn more as you save more. Many savings accounts also compound your interest — meaning you earn more as your interest earnings grow over time.

  • Traditional Savings Account: A regular savings account through a bank like ASB makes it easy to save for the future — whether you’re saving for emergencies, a new car, or long-term goals like a new house.

  • Certificate of Deposit (CD): A CD is a type of deposit account that earns guaranteed returns over a specific period. You’ll choose your length of term and get a guaranteed interest rate during the duration of the term. However, if you withdraw your money before the scheduled maturity date, you could incur early withdrawal fees.

  • Money Market Account: This is a savings account that lets you earn higher interest rates on higher balances. Money market accounts also let you access your money by check, unlike most savings accounts.

Learning about bank interest rates

Want to know more about bank interest rates in Hawaii? Whether you’re looking for a great low rate on a home loan or want to earn compound interest on the money you save, ASB has the answers to all of your interest rate questions. Make an appointment with our helpful bankers at one of our branches today to learn more.

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Using a Mortgage Calculator

ASB April 09, 2021 | 5 min read Personal

Are you thinking of buying a home in Hawaii? Whether you’re a first time home buyer or are seeking to downsize in retirement, estimating your mortgage payments can help you budget for the cost of a new home.

Our helpful ASB mortgage calculators help you estimate your monthly mortgage payments based on your expected interest and terms. You’ll be able to start budgeting for your new home and get a better idea of how much you can afford.

using a calculator

How are mortgages calculated?

Your lender uses the agreed-upon terms of your loan to determine just how much you’ll pay each month. A mortgage calculator helps you better understand your payments by processing the formula automatically. The mortgage payment formula is:

M = P[r(1+r)^n/((1+r)^n)-1)]

It may look complicated, but we’re here to help you break it down. Each value in the formula represents a different part of your mortgage payment:

calculator screenshot

  • M: Your monthly mortgage payment.

  • P: The principal loan amount (the original amount of money you’re borrowing).

  • r: Your interest rate on the loan. Most lenders provide an annual interest rate. To get an accurate monthly payment amount, you’ll need to divide your annual interest rate by 12 months. For example, if your annual rate is 6%, your monthly rate will be 0.005 (0.06/12 = 0.005).

  • n: The number of payments you’ll make over the full term of the loan. Be sure to multiply the number of years in your term by 12 to get an accurate number of payments over 12 months. A 30-year loan, for example, has 360 payments (12 months X 30 years).

Our mortgage calculators does the work of processing the numbers in the formula for you. It also reduces the chance of errors when estimating your monthly payment.

Why use a mortgage calculator?

Mortgage calculators are great to see if you can afford the monthly payment for potential mortgage terms. That’s not the only reason to use a mortgage calculator, though. You might want to use a calculator to:

  • See What You Can Afford: Mortgage calculators let you play around with different loan amounts, which is perfect if you’re looking to find out how much you can afford. Simply look up a few homes for sale in the area you want to buy to get an idea of the current asking prices. Use the calculator to change the loan amount based on different houses you might be interested in. If the monthly payment is too high for your budget, try to find a more affordable home. Keep repeating the process until you find a monthly mortgage payment that’s right for your budget.

  • Estimate Your Monthly Payment: Do you have a home you’re ready to purchase? Use the calculator to estimate your monthly mortgage payment before committing to your home loan. Use the interest rate you expect to receive from ASB and decide on your term length. Subtract your expected down payment from the home’s asking price to get your principal loan amount. The calculator will show you what you can expect to pay each month.

  • Explore Term Lengths: The length of your home loan can make a big difference in your monthly payments. A shorter loan will generally have higher monthly payments than one that’s stretched over a long period of time. Use our calculator to change the term length of your potential mortgage and see if a longer or shorter term is best for your financial situation.

  • Plan for an Early Payoff: Are you putting extra money toward your mortgage each month? A surprising use for our mortgage calculator is to plan for an early loan payoff. Use the “prepayments” section of the calculator to add monthly, yearly, or one-time payments to your loan calculation. The calculator will provide your interest savings based on the extra payment.

Get ready to buy a home

Buying a home is likely one of the biggest financial decisions you’ll ever make. Be prepared to start your home search by researching how much you can afford each month. Use our convenient mortgage calculators to get started today.

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What's the Difference Between a Home Equity Line of Credit (HELOC) and Refinancing?

ASB April 06, 2021 | 5 min read Personal

Living in Hawaii isn’t cheap, which makes purchasing a home in Hawaii a huge financial milestone for many. In addition to making your most valuable memories in your dream home, you can also use your home’s equity to reach your next financial goals like renovating your dream kitchen or paying for your keiki’s education. Read on for more information about how you can achieve your next financial dreams through a Home Equity Line of Credit (HELOC) or a Cash-Out Refinance.

What is Home Equity?

Your home equity is simply the value of your home that you own. You can find your home equity value by taking the current value of your home and subtracting anything you currently owe on it.

For example, if your home is currently worth $700,000 and your remaining mortgage balance is $300,000, your home equity is $400,000. Most banks will allow you to draw from your available equity up to 80% of your home’s value. In this example, you might be able to access $260,000.

Your home equity grows consistently over time as you pay off your mortgage. Each mortgage payment lowers your principal balance and increases your home’s equity. This can also increase if the value of your home increases. For instance, if you make renovations to your home, the value of your home could go up.

house

What's a HELOC?

A Home Equity Line of Credit, known as a HELOC, is a revolving line of credit based on the value of your home’s equity and works similarly to a credit card. If you qualify, you’ll receive a credit limit based on your credit worthiness, credit limit request and available home equity. You may receive a payment card that’s used to directly access funds from your HELOC.

HELOCs usually come with a variable interest rate based on an index, which means that if the index rate goes up or down, the interest rate on your HELOC will adjust, too. ASB also provides a fixed rate option for our HELOCs so you can lock in a low fixed rate on a portion or all of your outstanding HELOC balance.

You won’t pay interest on your HELOC until you borrow money from the line of credit. Then, you’ll only pay interest on the money you borrow. For example, if you have a $10,000 HELOC and withdraw $3,000 to pay for kitchen updates, you’ll only pay interest on the $3,000 you borrowed. You’re also able to borrow the remaining available balance of $7,000 if you need it.

Just like a credit card, you can access your credit as much as you need as long as you’re able to pay off the balance to make your credit available again (revolving line of credit). For example, if you borrow $10,000 from your HELOC and your line of credit limit is also $10,000, you will not be able to borrow from your HELOC account again until you pay off all or part of the $10,000 you borrowed, plus interest.

If you are unsure how much money you’ll need, a HELOC gives you flexibility to draw funds (borrow) as needed over a 10 year draw period. HELOCs generally have a quicker loan application process with limited closing costs, and can also be used as your second mortgage.

HELOC Pros

  • You’ll only pay interest on the money you borrow

  • You can withdraw HELOC funds at any time throughout the draw period

  • You typically won’t have to pay closing costs

  • Your existing mortgage doesn’t change — you’ll continue to make your normal mortgage payment each month

HELOC Cons

  • You’ll likely have a variable interest rate, meaning it can fluctuate over the life of your HELOC

  • Having easy access to cash from a HELOC can make it tempting to overspend

  • You’ll have another monthly payment on top of your normal mortgage payment when you draw on your HELOC

house

What's a Refinance?

You might want to consider a cash-out refinance if you don’t want to take out an extra loan on your home. Refinancing your mortgage works by replacing your current 1st mortgage loan with a completely new 1st mortgage loan. Funds from the new mortgage loan are used to pay off the remaining balance of your existing home loan. The new mortgage loan then becomes your regular loan payment. Refinancing can help you to consolidate high interest credit card and loan debts, lower your mortgage loan payment or take advantage of lower interest rates. Refinance can also help you pay off your loan quicker if you switch to a shorter-term loan such as a 15-year mortgage loan.

Cash-out refinances take out a new 1st mortgage loan that’s more than your current loan balance but less than the value of your home. The difference between your home’s value and your existing mortgage loan balance becomes cash you can use for things like home renovations or paying off other debt.

For example, let’s say your home is currently valued at $800,000. If your remaining mortgage loan balance is $300,000 and you have $500,000 of equity in the home, a cash-out refinance accesses that equity by taking out a new loan that’s more than the loan balance but up to 80% of your home’s value. In this example, you get a cash-out refinance mortgage for $640,000 . You use the loan funds to pay off the remaining $300,000 from your existing mortgage and receive the additional $340,000 of loan funds as a lump-sum.

Refinancing Pros

  • Generally, refinancing has lower interest rates than a HELOC

  • You’ll only have to make one monthly mortgage payment

  • May give you access to better mortgage terms like a lower monthly payment

Refinancing Cons

  • If current rates are high, you could end up with a higher interest rate than your current mortgage

  • You have to pay closing costs for the new mortgage

  • You’ll reset your mortgage term, which could mean you have another 30 years of payments

  • You may not be able to access as much of your equity as you could with a HELOC

house

When is the best time to get a HELOC or refinance?

If the pandemic has taught us anything, it’s that we have to be prepared for uncertainty. We also don’t know how long this low rate environment will last, so taking advantage of it now could help you in the long run. If you got your current mortgage at a high interest rate, now could be a great time to use a HELOC or refinance to reduce your rate. In addition, the application process may be even easier that you previously experienced. Mortgage lenders like ASB now offer online mortgage applications, which allows you to apply from the comfort of your own home. This makes the process more safe, secure and convenient. Of course, you can still apply in person with a loan officer, too.

How to access the equity in your home

A great way to get started is to take a step back and look at your current finances – your existing mortgage loan, your savings and your financial goals. Do you have high interest debt? Do you have plans in the near future? Kids going to school?

calculator screenshot

As mortgage loan rates rise and fall, it impacts how refinance rates compare to HELOC rates. Some things to consider are:

  • The loan amount remaining

  • # of years remaining,

  • And your current rate on your 1st mortgage loan.

You can also use a calculator to determine your home equity and how to best use it. At ASB, we offer calculators on everything from comparing mortgages, analyzing rates and determining if it’s time to refinance.

Choosing between a HELOC and cash-out refinance can feel overwhelming. Whether you want to update your kitchen or consolidate debt, the equity in your home could help you cover the cost. We recommend talking with one of our experienced ASB Home Loan Officers to see which option meets your needs the most.

HELOC vs Refinance infographic

Calculators to help you achieve your dreams

See where your money is going with easy-to-use inputs. Use our calculators to prepare for your next milestone - whether that's buying a home, saving for retirement or somewhere in between.         

Choose a topic below to start exploring:

BudgetingSavingsMortgage & RefinanceRetirement & Debt ManagementView All

Not sure where to start? Use one of our popular calculators (marked with a  ).

 

Budgeting Calculators

Budgeting financial calculators

Calculate a Loan Payment

View a breakdown of your monthly loan payment

Calculate Your Net Worth

Compare your assets (things you own) and liabilities (things you owe)

Household Cash Flow Tracker

Match your spending with your income to build a healthy financial future

 How Much Am I Spending?

Organize and reduce your spending in particular categories

Save or Pay Off Debt

Consider using the money you have in savings to pay down your debt

Keep Working or Stay at Home?

Should you return to work after staying at home with children?

Spare Change

Count up the spare change that's in your piggy bank


  = Popular Calculators | Explore Other Calculators

 

Savings Calculators

Savings financial calculators

 Compare Two CDs

Find out how much interest you can earn on a Certificate of Deposit (CD)

The Impact of Saving More

Use this calculator to see what happens when you start saving more

Save for a Rainy Day

Determine how big your rainy day savings needs to be an emergency

 Save for College

Estimate how much you'll need to save for college education

 Save to be a Millionaire

How much do you need to save to be a millionaire?

Save Towards a Goal

Determine how much you need to save to reach a goal you may have

What Will My Savings be Worth?

Get an estimate on how much your savings will be worth in the future


  = Popular Calculators | Explore Other Calculators

 

Mortgage & Refinance Calculators

Mortgage financial calculators

Adjustable-Rate Mortgage Analyzer

Understand your ARM terms and estimate your monthly payment

 Calculate a Mortgage Payment

Use this calculator to estimate what your mortgage payment will be

 Compare Two Mortgage Loans

Compare mortgages and see which one works the best for you

 The Equity in Your Home

Start leveraging the equity in your home

 Home Affordability

Look at the factors that impact your ability to obtain a mortgage

Proceeds from Sale of a Home

Estimate how much money the sale of your home will yield

Rent or Buy?

See if you should rent or buy a home

 Time to Refinance?

Take advantage of low rates and see what could happen if you refinance


  = Popular Calculators | Explore Other Calculators

 

Retirement & Debt Management Calculators

Retirement financial calculators

401 (k) Calculator

See the benefits of getting a 401 (k) account through your employer

 Debt Consolidation

Designed to help determine whether debt consolidation is right for you

Debt-to-Income Calculator

Calculate your monthly income versus your monthly expenses

Estimate Social Security Benefits

Estimate the amount of benefits you (and a spouse) may receive

How Long Will It Take to Pay Off a Credit Card?

Use this calculator to figure out how long it'll take to pay off a credit card

How Long Will My Retirement Savings Last?

Determine how long your retirement savings may last

 Retirement Income Estimator

Estimate what monthly income your retirement savings may provide

 Save for Retirement

Use this calculator to help you meet your retirement goals

Save or Pay Off Debt

Consider using the money you have in savings to pay down your debt

Spend It or Invest in an IRA

Putting away more today will impact when you'll be able to retire

Traditional 401 (k) or Roth 401 (k)?

See what type of 401 (k) can help you meet your retirement goals

Use a Lump Sum to Pay Down Debt

Received a lump-sum payment from an inheritance or tax refund?


  = Popular Calculators | Explore Other Calculators

 

All Calculators

401 (k) Calculator

See the benefits of getting a 401 (k) account through your employer

Adjustable-Rate Mortgage Analyzer

Understand your ARM terms and estimate your monthly payment

 Calculate a Mortgage Payment

Use this calculator to estimate what your mortgage payment will be

Calculate a Loan Payment

View a breakdown of your monthly loan payment

Calculate Your Net Worth

Compare your assets (things you own) and liabilities (things you owe)

 Compare Two CDs

Find out how much interest you can earn on a Certificate of Deposit (CD)

 Compare Two Mortgage Loans

Compare mortgages and see which one works the best for you

Debt-to-Income Calculator

Calculate your monthly income versus your monthly expenses

 Debt Consolidation

Designed to help determine whether debt consolidation is right for you

Estimate Social Security Benefits

Estimate the amount of benefits you (and a spouse) may receive

 The Equity in Your Home

Start leveraging the equity in your home

 Home Affordability

Look at the factors that impact your ability to obtain a mortgage

Household Cash Flow Tracker

Match your spending with your income to build a healthy financial future

How Long Will It Take to Pay Off a Credit Card?

Use this calculator to figure out how long it'll take to pay off a credit card

How Long Will My Retirement Savings Last?

Determine how long your retirement savings may last

 How Much Am I Spending?

Organize and reduce your spending in particular categories

The Impact of Saving More

Use this calculator to see what happens when you start saving more

Proceeds from Sale of a Home

Estimate how much money the sale of your home will yield

Rent or Buy?

See if you should rent or buy a home

 Retirement Income Estimator

Estimate what monthly income your retirement savings may provide

Save for a Rainy Day

Determine how big your rainy day savings needs to be an emergency

 Save for College

Estimate how much you'll need to save for college education

 Save for Retirement

Use this calculator to help you meet your retirement goals

Save or Pay Off Debt

Consider using the money you have in savings to pay down your debt

 Save to be a Millionaire

How much do you need to save to be a millionaire?

Save Towards a Goal

Determine how much you need to save to reach a goal you may have

Keep Working or Stay at Home?

Should you return to work after staying at home with children?

Spare Change

Count up the spare change that's in your piggy bank

Spend It or Invest in an IRA

Putting away more today will impact when you'll be able to retire

 Time to Refinance?

Take advantage of low rates and see what could happen if you refinance

Traditional 401 (k) or Roth 401 (k)?

See what type of 401 (k) can help you meet your retirement goals

Use a Lump Sum to Pay Down Debt

Received a lump-sum payment from an inheritance or tax refund?

What Will My Savings Be Worth?

Get an estimate on how much your savings will be worth in the future


  = Popular Calculators | Explore Other Calculators
Links to the interactive calculators and information provided above are made available to you as self-help tools for your independent use and are not intended to provide investment and/or financial advice. We do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding personal finance issues.
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Celebrate Financial Literacy Month with These Useful Tips

ASB April 01, 2021 | 5 min read Personal

April marks National Financial Literacy Month – a time when financial institutions like American Savings Bank help you to learn more about how you can manage your money and practice financial habits to make your dreams possible. To celebrate, here are seven of our top tips to help you achieve financial wellness.

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1. TAKE A FINANCIAL CHECKUP

We all know that getting routine physical checkups are important, but just as important is checking in on your financial health. Our ASB Financial Checkup is a free, easy-to-use online tool. We’ll ask you a few simple questions and then provide you with a real-time assessment on your financial wellbeing, along with a personalized list of recommendations on how to get closer to your financial goals, step by step.

2. GET EDUCATED

It’s never too late (or early) to learn about finance. Interested in learning more about credit, taxes or financial caregiving? We cover all of these topics and more in our free ASB Financial Education program. Check out our custom playlists, which each feature bite-sized trainings on a variety of topics. Within minutes, you’ll gain valuable insights and skills.

3. PROTECT YOUR FINANCES

Your finances are likely among your most valuable assets. Learn how to stay vigilant and safe when it comes to identity theft, scams and fraud on our Security Center Hub. Remember: American Savings Bank will never request verbally or via e-mail/text, your Password, Debit Card PIN, or Secure Access Code. A best practice is to closely monitor accounts regularly for suspicious activity. If you see something, say something and report it to your financial institution right away.

4. CHECK YOUR CREDIT SCORE

Your credit score is an important factor in getting the financing you need to buy a house, get a credit card or take out a loan. Checking your credit score helps you get an overall picture of your current financial situation. Monitoring your score can also help you catch identity thieves or errors before they affect your credit. You get access to your credit score from each major credit bureau once per year without a fee. Certain banking or credit card products might also give you access to one or more of your scores monthly. ASB credit cards, for example, let you monitor your FICO credit score.

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5. BUILD AN EMERGENCY FUND

Do you have the cash to cover an unexpected expense? Having emergency savings can help you pay for sudden expenses or cover living expenses if you lose your source of income. Your emergency or rainy day fund can also be helpful if you lose your job or have to take a pay cut. Try to have three to six months of living expenses saved up. This gives you a few months to cover expenses while you look for a new job.

6. PAY DOWN DEBT

Carrying debt can hold you back from reaching your financial goals. It could also potentially hurt your credit score, making it more difficult to get the credit you need to buy a car or obtain a mortgage.

One of the most common strategies to paying down debt is the snowball method. You start by paying off your smallest debt. Then, once it’s paid off, you roll the money you were paying on that debt into the second debt and so on. Continue paying off your lowest debt until all of it is gone. Don’t forget to keep making the minimum payment on all of your debts so you don’t face penalties or late fees.

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7. KNOW WHERE TO GET HELP

Attaining optimal health, whether it’s physical or financial, isn’t always easy on your own. Knowing where and when to get help can make a big difference.

In addition to trusted family and friends, having a strong relationship with a banker, financial advisor or wealth advisor, can build your network of support. Make an appointment today to meet with one of our knowledgeable bankers and get help.

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ASB Stands with Asian American and Pacific Islanders

ASB March 30, 2021 | 5 min read Community

We are deeply troubled and saddened by the rise in verbal harassment, senseless mistreatment and violent hate crimes targeted at Asian Americans and Pacific Islanders. Acts of race-based hate and fear have no place in our country, our community and our lives. It must stop now.

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At ASB, we always have and will continue to stand against racism. We believe all people deserve to be treated with dignity and respect and we celebrate the qualities that make us unique. We must continue the fight to end all forms of racism and prejudice. Together, we stand with our Asian American and Pacific Islander teammates and community.

How We Support Diversity, Inclusion & Respect at ASB:

  • We do not tolerate harassment or discrimination of any kind. All ASB teammates are held accountable for knowing and following our Code of Conduct. We require all teammates to take our Respect in the Workplace training, and this year, we’re introducing a new Diversity & Inclusion bank-wide training.

  • We’re committed to creating deeper understanding and promoting healthy dialogue on important issues at the heart of racism and discrimination. Last year, we hosted a Black Lives Matter discussion and Honolulu PRIDE Month panel, and this month we are partnering with the Hawaii Employers Council and American Bankers Association to host two Diversity, Equity and Inclusion workshops on Apr. 6 and Apr. 13. Click here to learn more and register to attend.

  • Our ASB Diversity Council continues to help identify how we, as an organization, can best integrate Diversity & Inclusion into our workplace culture. This year, the teammate-driven group is hosting a Diversity Series of Talk Stories within ASB, designed to help celebrate and create better understanding of our communities.

As a company and a community, we must continue the fight to end all forms of racism and prejudice. If you visit any of our ASB branches or locations across the state, you will notice a common thread – we welcome all teammates and customers from all walks of life. This is so important to who we are as a company, and we’re committed to doing what we can to drive positive change within our organization and community.

 

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This flexible line of credit helps you grow your business and manage cash flow

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BUSINESS TERM LOAN

  • Unsecured loans up to $100,000
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  • Simplified loan approval process
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  • Terms of up to 10 years, generally amortized up to 25 years on permanent loans

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  1. Collateral of savings account must be with American Savings Bank. There is a $50 document preparation fee. The interest rate is based on the earning rate of the pledge deposit account plus a margin.
  2. Property must be in fee simple interest.
  3. Business PowerLine checks available for unsecured lines only.
 

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$100 daily balance

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None

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None
Minimum Balance to Avoid Monthly Service Fee

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$300 daily balance

BIZ TIERED SAVINGSSM

$500 monthly average balance

BIZ MONEY MARKETSM

$1,000 daily balance or $2,500 monthly average balance
Monthly Service Fee

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$4.50

BIZ TIERED SAVINGSSM

$5

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$10

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